US existing home sales fall 4.9pc in January
By Iain Gilbert
Date: Friday 21 Feb 2025
(Sharecast News) - Existing home sales fell by 4.9% to 4.08m in January, according to the National Association of Realtors.
Last month's decline marked the sharpest drop for seven months and falling short of expectations for a reading of 4.12m.
NAR chief economist Lawrence Yun said: "Mortgage rates have refused to budge for several months despite multiple rounds of short-term interest rate cuts by the Federal Reserve. When combined with elevated home prices, housing affordability remains a major challenge."
The median price for existing home sales fell 1.9% month-on-month to $396,000, while the inventories grew to 3.9 months from 3.7 months in December.
On an annualised basis, existing home sales grew 2%.
Reporting by Iain Gilbert at Sharecast.com
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